28 October 2009
CINPART PLC
('Cinpart' or the 'Company')
Reduction of Share Premium Account, Cancellation of Deferred Shares and Notice of Extraordinary General Meeting
Cinpart (AIM:CINP), the electrical products manufacturer and supplier, is pleased to announce that it is today posting a circular to shareholders convening an Extraordinary General Meeting ('EGM') at which it will be proposed that the Company's share premium account be reduced and that the Company's Deferred Shares of 0.49p and 9.5p be cancelled in order to create sufficient reserves to eliminate the Company's accumulated losses of £5,599,643, which existed as at 31 December 2008 ("the Proposals").
The purpose of the EGM is to seek shareholder approval to the Proposals to permit the share capital of the Company to be reduced by £5,599,643 and its retained losses as at 31 December 2008 to be reduced to £nil. The reduction in share capital will also be required to be approved by the High Court and an application will be made to the High Court immediately following the EGM, provided that the resolutions are passed.
By reducing the retained losses as at 31 December 2008 to £nil to the extent that profits are generated by the Company in the period following that date, the Company can consider the distribution of future profits earlier than otherwise would be the case, and in so doing provide greater flexibility to commence dividend payments should the opportunity arise.
The EGM is to be held at 10a.m. on 17 November 2009 at 2/F, Berkeley Square House, London, W1J 6BD.
The circular has been posted to shareholders today but is also available to download from the Company's website, www.cinpart.com.
-ENDS-
Enquiries:
Cinpart Plc |
|
Kevin Baker, Chief Executive Christopher Foster, Executive Director |
Tel: 020 3176 3033 Tel: 020 3176 3031 |
Merchant John East Securities Limited (Nominated Adviser) |
|
John East/Simon Clements |
Tel: 020 7628 2200 |
Rivington Street Corporate Finance Limited (Joint Broker) |
|
Monisha Varadan |
Tel: 020 7562 3389 |
Mirabaud Securities LLP (Joint Broker) |
|
Rory Scott |
Tel: 020 7878 3360 |
Hansard Group (Public Relations) |
|
Vikki Krause |
Tel: 020 7245 1100 |
About Cinpart:
Cinpart plc (AIM:CINP) is a holding company that owns 72.2 percent of Active Energy Limited. Active Energy manufactures and supplies the VoltageMaster, a device that can reduce electricity consumption in commercial buildings by up to 20 percent.
Other wholly owned subsidiaries in the Company's group include Derlite Co Limited; based in Thailand, this company is an international manufacturer of electrical and non-electrical components specializing in ignition systems for gas appliances and Gasignition Limited; a trading company supplying electrical components to small and medium-sized European gas appliance manufacturers.